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Divorce on the farm
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Farming businesses are often a family affair that span generations; fathers mothers brothers sisters may all have a share in the land and the business. These complex ownerships can pose issues in several areas but nowhere more so than in the breakdown of a relationship or divorce.
What makes farming divorce cases complicated?
There is no particular difference in how a farm is dealt with by law in a divorce. The difficulty is that they are often a lot more complicated due to several key issues that can affect how the matrimonial assets are worked out and divided:
- Liquidity: often assets held within a farm are tied up and not easily realisable.
- Farming families can be capital rich but income poor.
- Inherited assets/generational farms for example if the farm has been handed down through the generations and is to be preserved for the next.
- Any impact upon third parties for example parents sisters and brothers who may live on or be involved in the ownership or running of the farm.
- A reliance upon farm subsidies that affect the revenue of the farm.
- The existence of family farm trusts and/or complex...
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